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How do merchant wholesalers and agents/brokers differ?
Ability-To-Pay Principle
The concept that taxes should be levied according to an individual's or entity's ability to bear them, typically resulting in higher earners paying more taxes.
Lump-Sum Taxes
Taxes that are a fixed amount, not dependent on the taxpayer's income or activities, thus they do not distort economic decisions.
Economic Efficiency
A condition where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
Ability-To-Pay Principle
The ability-to-pay principle in taxation suggests that taxes should be levied based on an individual's or entity's capacity to pay, meaning those with higher income should pay more.
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